Online Car Insurance Quotes – Advantages & Disadvantages

It’s become an easy process to get the right car insurance online. This has become possible due to convenience of comparing car insurance quotes online and getting the best deal as per your requirements and budget.

As a result online shopping of auto insurance has become the most preferred means to get best possible car insurance. However, as we all know everything in this world has its own pros and cons. It can be a case where either of them is greater but advantages and disadvantages are always there.
Similar is the case with auto insurance policies. I leave it to you to decide which side is dominating. However, one thing which I can say is that you cannot avoid buying car insurance if you own a vehicle as it’s mandatory by law.
First let’s have a look at the various advantages of buying car insurance online.

Advantages of comparing car insurance quotes online and getting one are as follows-
• The biggest advantage of buying auto insurance online is that the buyer is able to explore several options before the purchase. The person can visit the websites of various insurance providers and evaluate each of their auto insurance quotes within a few minutes!

• Today you can avail free services offered by various websites which provide free comparison of quotes of various companies in a short period of time. This is the best advantage of online shopping as there’s no need to make long phone calls or travel to different companies.

• The process to obtain best auto insurance quotes online is very easy. All the buyer needs to do is fill in a simple form online. After that you will receive large number of quotes within minutes without spending a penny!

• The process of buying car insurance online also does not impact the buyer’s credit score in any way. A person can browse through various types of car insurance policies and select the best one from his home.

Disadvantages of comparing car insurance quotes online and getting one are as follows -
• There are many car insurance quotes online which offer false promises in order to persuade customers to buy their car insurance policy. Hence, you need to be extremely cautious while you shop for a car insurance online. You must only buy insurance policy from a legitimate insurance provider who will cover all your insurance needs.

• Another disadvantage is that it can be difficult to figure out the company’s credibility online as companies can upload fake certificates and customer reviews. Therefore, ensure that you communicate directly with the insurer and confirm its legitimacy before buying Auto insurance. Getting car insurance from a company with weak financial background can result in severe consequences due to the inability of the company to provide substantial compensation during your claims.

The above points list various pros and cons of buying car insurance online. You can easily avoid the disadvantages by performing the precautionary measures as mentioned above.

Important Facts about Medical Insurance

Mediclaim insurance is one type of health insurance policy. The sedentary lifestyles of people have resulted in several risks related to health. Therefore, taking a proper health insurance plan in the form of a sufficient Mediclaim policy has become important. It secures your health as well as forms an imperative aspect of one’s financial planning process.

Why to get Mediclaim insurance?

Mediclaim insurance is one type of health insurance policy. It’s a form of health insurance policy which covers your medical expenses during emergency events & domiciliary treatments.

Health insurance policy like Mediclaim insurance comes to one’s heed in the subsequent ways-

When one instantaneously falls ill
When one has to undergo surgery during policy year

Who can avail Mediclaim policies?

A person falling in the age group of 18 years to 80 years is eligible to get Mediclaim insurance. One needs to check the maximum & minimum age limits. These limits need to be checked by a person as it varies across different insurance companies in India.

For example, the age bracket of 18-80 specifies minimum & maximum limits for a person to get a Mediclaim insurance plan.

A person who has a family can purchase floater health insurance policies. These plans provide coverage for entire family.

One can also get a coverage plan which extends coverage for new born babies as well. One can also get a coverage plan which extends coverage for aged parents also.

Below are the basic salient features of Mediclaim insurance-

Cashless facilities- A person can avail cashless facilities across empanelled group of network hospitals.

Reimbursement facilities- A person can avail reimbursement facilities in several or any non-network hospitals.

The person can get his expenses covered for various unprecedented events. For example, a person can also receive coverage for domiciliary hospitalization treatments.

The insured person also gets coverage for his/her infants and aged parents

The insured person gets coverage of pre & post hospitalization expenses. The coverage can go from 30 days to 60 days respectively.

There’s no need for medical tests below a certain specified age. It’s generally around 45 years for most insurance companies.

The insured person gets tax benefits on premium payables as per Section 80D of Income Tax Act.

What forms the basic exclusions of Mediclaim insurance?

Several pre-existing diseases if any up to a specified year period
It’s generally up to 2 years
Outpatient treatment facilities although certain health insurance providers do provide covers for outpatient treatments as well
HIV/AIDS treatment
Alcohol related treatments

What the waiting period clause is as stated in Mediclaim insurance policies?

Many prospective buyers are unaware about this most important clause. When one buys a policy, his coverage extends after waiting period of 30 days usually. This can go up to 3 months in certain cases.

Waiting period also applies to certain pre-existing diseases as specified by the company.

Benefits Of Car Insurance For Women

Usually women tend to more careful while driving. This can be seen from the fewer number of claims women file each year as compared to men. In this article I have talked about the benefits of car insurance policies for women.
Women get the advantage of lower premium
Since women tend to be more careful while driving and have lesser claims, they’re entitled to receive car insurance coverage at lower premium than men!
However, there are evidences of women driving aggressively which enhances the chances of road accidents. Hence, if you want to benefit from a lower premium on your car insurance then make sure you drive safe and maintain a good driving record which is accident-free.
There are certain reasons why women are enabled to get lower premiums on their car insurance. car insurance companies in India offer low-cost coverage options for women for 3 major reasons.
The 3 major reasons why car insurance companies offer low-cost coverage for women are as follows-
#Cautious drivers-
Statistics reveal that women tend to more careful while driving! Hence, this is one reason why women get car insurance policies at lower premium rates. However, if a woman has a bad driving record then she may have to pay higher premium. Hence, the key is to drive safe and maintain a good driving record to avail further discounts and stay safe!
#Higher impact damages Vs lower impact damages
• This is an interest fact to be considered. As discussed above men are more prone towards rash driving than women.
• Rash driving increases the chances of higher impact damages to the vehicle like a severe damage to the car.
• The other types of vehicle damages are the kinds of small dents & scratches which occur due to minor motoring mistakes. These kinds of damages are known as lower impact damages.
• The higher impact damages cause considerable damage to the vehicle. This enhances the price of car insurance as observed in the cases of rash driving.
#Adherence to traffic rules
This is another reason for women’s eligibility to receive car insurance at lower premium rates than men. Men are more likely to cause various types of roads & traffic violations which result in more number of fines. This causes insurance companies to charge greater premium charges. Here there’s one more catch. The tendency of men driving is more while travelling with their women partners. In such a situation, men are at a greater risk towards committing any kind of offence!
Some more interesting facts-
• Statistics reveal that women benefit from 30% lesser premium as compared to their men counterpart. This is due to the lesser tendency of women towards the unprecedented risks.
• Government statistics also reveal that 92% of the total lawsuits filed for various driving offenses are committed by men.
• The above facts place women to be more law-abiding citizens than men.
• The insurance companies consider women to be less risky. This is because of the entirely diverse and prudent driving habits women have as compared to men.

Important Things Your Competitors Can Teach You About Car Insurance

Car Insurance and its renewal mainly operate on numerous principles. There are many things you can learn from your competitors. This article reveals some important things your competitors can teach you about Car Insurance renewal.
Car insurance-A lucrative business
The increasing number of competitors in the Car Protection sector reveals the optimism of this segment. The reason for this optimism is the large number of entities vulnerable to losses which can be covered through Motor Protection. Also there are a large number of people who own vehicles and the number is growing. Hence, Motor Protection has become a lucrative business sector.
Availability of more options
Increasing number of competitors in the car insurance sector has increased the availability of options. This has enabled buyers to compare and review Motor Protection policies of different companies and then select the best deal. Also internet has enabled buyers to easily compare Car Insurance quotes online. It prevents the person from visiting numerous financial institutions and banks asking for their availability of Motor Protection plan and their offerings. This is one of the key points to be learnt from competitors.
The availability of greater number of options enable a buyer to review various number of Motor Protection plans before purchasing one. Many companies now list all their policy details on their website. You can also stay updated about the company’s latest updates about its insurance coverage plans. This gives you a flexibility to shift to a new insurance policy in case you find some other policy which is better than your existing plan.
One more thing to remember is that you need to have a budget in mind while buying Motor Protection. Also keep a regular check on the other company offerings in terms of Car Insurance. You can have a look at other company websites online and check for their premium rates. Also check what all things the other insurers are covering in the same rate of premium. This will help you to decide the best possible Motor Protection you can get from a valid insurer at lowest premium. It will also help those who don’t want to renew their existing policy due to unsatisfactory services to shift to a new policy.
Further you can learn about how the insurance mechanism works-
First, the insurance company decides the kind of car insurance deals it wants to offer. The buyers are required to pay an insurance premium.
The insurance company uses this insurance premium in 2 ways-
• They will invest a part of the premium towards profitable market segments which will fetch good returns
• The other part is collected and preserved to pay for the losses faced by customers
This model assumes the idea that the total count of people suffering from losses is less than those paying premium. Also the losses generated are very less than total profit generated from collection of premiums. There are various parameters which are employed to decide the likelihood of claims made by the insured people against a particular company for its policies.